GrafTech shares fall on share offer; reiterates outlook

NEW YORK (CBS.MW) -- GrafTech International
gti
shares slid more than 7 percent in midday trade after the maker of carbon and graphite products announced a 16 million share offer. The Wilmington, Del.-based company said proceeds from the offer will be used to repay debt. GrafTech also reaffirmed earnings estimates for 2003 and set targets for 2004. The company is expecting third-quarter EPS of 5-7 cents and 2003 EPS of 21-26 cents. That compares with First Call consensus estimates of 6 cents and 24 cents respectively. For 2004, the company is forecasting EPS of 60-75 cents, against a First Call consensus of 68 cents. Shares were last down 66 cents, or 7.4 percent, at $8.28.

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